#EURJPY @ 147.878 tests neckline as the confluence with last year’s high of 148.40 poses a challenge for buyers. (Pivot Orderbook analysis)

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• EUR/JPY tests neckline as the confluence with last year’s high of 148.40 poses a challenge for buyers.
• • Pair remains neutrally biased, with RSI and 3-day RoC indicators suggesting a pause in the uptrend.
• • A break above 148.40 confluence could spur a rally towards a new YTD high at 151.61.

The pair currently trades last at 147.878.

The previous day high was 147.47 while the previous day low was 146.66. The daily 38.2% Fib levels comes at 147.16, expected to provide support. Similarly, the daily 61.8% fib level is at 146.97, expected to provide support.

The EUR/JPY aims toward the head-and-shoulders neckline after the cross-currency pair cracked the 20-day Exponential Moving Average (EMA) at 147.66. However, it remains shy of achieving a decisive break that could invalidate the pattern. As the Asian session begins, the EUR/JPY is trading at around 147.90s, down 0.06%.

EUR/JPY remains neutrally biased, though in the near term, slightly tilted to the downside. The Relative Strength Index (RSI) indicator suggests the uptrend might pause as the RSI’s turned flat at bullish territory, while the 3-day Rate of Change (RoC), it’s neutral.

Even though the EUR/JPY spot price tests the head-and-shoulders neckline, the pattern remains intact. The confluence of the neckline and the last year’s high of 148.40 can prove challenging for buyers while a good zone for EUR/JPY sellers.

If EUR/JPY falls below the 20-day EMA, that will exacerbate a fall toward the current week’s low of 147.18. A breach of the latter will expose 147.00, followed by the 50-day EMA 146.17, before reaching the March 31 daily high-turned-support.

Conversely, if EUR/JPY breaks above the 148.40 confluence, the EUR/JPY might rally toward a new YTD high at 151.61.

Technical Levels: Supports and Resistances

EURJPY currently trading at 147.9 at the time of writing. Pair opened at 147.23 and is trading with a change of 0.46 % .

The pair is trading below its 20 Daily moving average @ 148.1, above its 50 Daily moving average @ 145.41 , above its 100 Daily moving average @ 143.53 and above its 200 Daily moving average @ 143.04

The previous day high was 147.47 while the previous day low was 146.66. The daily 38.2% Fib levels comes at 147.16, expected to provide support. Similarly, the daily 61.8% fib level is at 146.97, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 146.77, 146.31, 145.96
• Pivot resistance is noted at 147.58, 147.93, 148.39

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